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Feb 14, 07

Sports World to float

After months of speculation, Mike Ashley, the reclusive owner of the Sports World retail empire, has announced his plans to float the company on the London Stock Exchange.

Reports say he is planning to sell around 40 per cent of his stake in holding company Sports Direct International, while shares were priced yesterday at between 250p and 310p, giving the business a market value of between £1.8 billion and £2.23 billion.

Says Ashley: “We believe Sports Direct has the potential to become the leading, most profitable sports retailer in the world. Following a review of the options, we have decided that listing the business is an important step in achieving this aim.”

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